Global Commercial Refrigeration Equipment Market

Global Commercial Refrigeration Equipment Market Size, Share, Growth Analysis, By Type(Refrigerator & Freezer, Transport Refrigeration), By Refrigerant Type(Fluorocarbons, Hydrocarbons), By System Type(Self-contained, Remotely Operated), By Application(Food & Beverage, Retail Stores) - Industry Forecast 2024-2031

Report ID: SQMIG20D2180 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 120 | Figures: 77

Global Commercial Refrigeration Equipment Market News

:

  • In February 2022, Refrigeration Design & Service Inc., a Philadelphia-based industrial refrigeration design and build provider, was acquired by The Kelvin Group. 
  • In February 2022, Enex, an Italian refrigeration equipment manufacturer, announced that it had joined the R744.com marketplace as a gold partner. The company is well-known for its high-efficiency refrigeration systems that utilize natural refrigerants in particular CO2.
  • In June 2021, Carrier Corporation delivered 16 new trucks and vans fitted with its Transicold refrigeration systems to Euro Foods, that deals in chilled and frozen food supplying.
  • In May 2021, Emerson Electric Co. donated sustainable refrigeration to a Gem City Market at Helix Innovation Center in Dayton, Ohio. It is collaborative grocery store in a local food desert that sells fresh food products.
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Global Commercial Refrigeration Equipment Market size was valued at USD 37.25 billion in 2019 and is poised to grow from USD 39.11 billion in 2023 to USD 53.23 billion by 2031, growing at a CAGR of 5.1% in the forecast period (2024-2031).

The key participants in the commercial refrigerator equipment industry have been compelled to introduce new and improved product offerings in order to effectively meet consumer demand as a result of the rising usage of sustainable technology equipment. For instance, In January 2022, Carrier Commercial Refrigeration installed their PowerCO2OL refrigeration system in Spain's COVID-19 vaccine storage facility. 'Carrier Corporation', 'Thermo King Corporation', 'Hussmann Corporation', 'Trane Technologies', 'True Manufacturing Company', 'Beverage-Air Corporation', 'Scotsman Ice Systems', 'Manitowoc Ice, Inc.', 'Heatcraft Worldwide Refrigeration', 'Copeland Corporation', 'Danfoss Group', 'Emerson Electric Co.', 'Foster Refrigerator', 'Hoshizaki Corporation', 'Victory Refrigeration', 'Kolpak', 'Master-Bilt Products', 'Turbo Air Inc.', 'Continental Refrigerator', 'Delfield Company'

Food and beverage sector generates the high annual revenue for the global GDP and ranking among the top industries across all regions. Through roughly 680,000 retail stores and food service outlets, the industry serves the clientele by converting the raw farm commodities produced by its over 2 million farms into consumer food products. This increases the rate of production and consumption as well as global sales of commercial refrigeration equipment.

Technological Advancements: The commercial refrigeration equipment has undergone significant technological advancements to offer novel services to the industry and consumers. With an increase in commercialization of food products, the need for technological advanced products have become the need of the hour.

North America is expected to hold a significant revenue share of more than 36% by 2030, having dominated the global commercial refrigeration equipment market in 2022. The developed U.S. retail market is largely responsible for the considerable rise. Numerous top producers of industrial refrigeration equipment such as Excellence Industries, Illinois Tool Works Inc., Lennox International Inc., True Manufacturing Co., Standex International Corporation are well represented in the region. Additionally, the early use of smart equipment in commercial kitchens is helping the local economy grow.

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Global Commercial Refrigeration Equipment Market

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